Senate passes student loan fix

6:42 PM,
Jul. 24, 2013

Written by

Susan Davis, USA TODAY

WASHINGTON -- Despite strong opposition from liberals, the Democratic-controlled U.S. Senate approved a bill Wednesday to tie federal college loan rates to financial markets to retroactively roll back an unpopular July 1 rate hike.

The bipartisan legislation was approved 81-18.

The GOP-controlled U.S. House is expected to approve the legislation before the August recess. President Obama supports the bill and commended the bipartisan effort that produced it, the White House said in a statement issued Wednesday. The legislation will affect seven million students heading to college ...